Terms of Business
Accepting Our Terms of Business
By asking us to quote for, arrange or handle your insurances, you are providing your informed agreement to these Terms of Business. If you are unsure about any aspect of our Terms of Business or have any questions regarding our relationship with you, please contact us at:
2 Shore Lines Building
Wirral CH41 1AU
Telephone: 0845 054 0505
Fax: 0845 054 0501
LABC Warranty is a trading name of MD Insurance Services Limited. MD Insurance Services Limited is authorised and regulated by the Financial Conduct Authority (FCA). Our FCA Register number is 306947. Our permitted business is arranging, dealing as agent and assisting in the administration and performance of general insurance contracts. You may check this on the FCA’s register by visiting the FCA website, www.fca.org.uk/register or by contacting the FCA on 0845 606 1234.
We are registered in England No. 3642459.
Our registered office is:
2 Shore Lines Building
Wirral CH41 1AU
We specialise in latent defects insurance and act as an underwriting agency on behalf of the underwriter as detailed on your quotation and Policy documentation. We do not offer advice and will not in any circumstances guarantee or warrant the solvency of any underwriter. We will write to you with full details of our quotation, outlining the cover provided and details of the premium quoted.
Policy documentation will be issued to you as soon as possible once cover has been arranged and we are in receipt of all required information. The capacity in which we are acting for sourcing a suitable policy, placing the insurance and in the event of a claim, we act as agent of the underwriter.
Complaints and Compensation
We aim to provide you with a high level of customer service at all times, but if you are not satisfied, contact us:
The Complaints Officer
MD Insurance Services Ltd.
2 Shore Lines Building
Wirral CH41 1AU
Telephone: 0151 650 4300
If you are still not satisfied, you may refer the matter to the Financial Ombudsman Service (except in the case of a business with a group annual turnover of £1m or more, a charity with an annual income of £1m or more or trustees of a trust with a net asset value of £1m or more). We are covered by the Financial Services Compensation Scheme (FSCS). You may be entitled to compensation from the scheme if we cannot meet our obligations. This depends on the type of business and the circumstances of the claim. Insurance advising and arranging is covered for 90% of the whole claim with no upper limit. Further information about compensation scheme arrangements is available from the FSCS.
Payment for Our Services
We receive commission from the underwriter and do not make additional charges for handling your insurances.
You are entitled, at any time, to request information regarding any commission which we may have received as a result of placing your insurance business.
You will receive a quotation which will tell you the total price to be paid, showing any site audit fees, taxes and charges separately from the premium, before your insurance arrangements are concluded. Full payment of premium and fees is due before cover commences, or as otherwise stated under terms of credit, or in the debit note, invoice or statement issued to you. We also draw your attention to the section headed ‘Cancellation of Insurances’.
We act as agents of the underwriter in collecting premiums and handling any refunds due to clients. Such monies are deemed to be held by the underwriter with which your insurance is arranged.
Cancellation of Insurances
You should make any request for the cancellation of a policy in writing and any relevant certificate of insurance should be returned to us or to the underwriter concerned. In the event of cancellation, charges for our services will apply as follows:
- Cancellation prior to Certificate of Insurance being issued
As construction contracts can be of varying duration and there is always a site audit, our fees will vary depending on the stage at which notice of cancellation is given. If insolvency cover is applicable for the contract period, this will also be taken into account when calculating any refund. An administration fee will apply up to a maximum of 35% of the insurance premium depending on the amount of work undertaken – i.e. £1,000.00 insurance premium would equate to £350.00 administration fee.
- Cancellation following Certificate of Insurance being issued
i) If a third party has completed the proposal form or paid the premium, you will not be entitled to a refund of premium or any other monies. The premium or any other monies can only be paid back to the party who originally paid the premium or any other monies and who still has an insurable interest in the property.
ii) If you have completed a proposal form and paid the premium you may be entitled to a refund. This will take into account the period where cover has been in force, plus an administration fee.
- Cancellation due to Insolvency/administration of the developer, or the site put on hold for a period of time deemed unacceptable for risk management purposes
We will retain all fees for site audit(s) undertaken. If insolvency cover is applicable for the contract period, the insolvency cover has been on risk and therefore no refund for this element of cover can be refunded, this will also be taken into account when calculating any refund. Additional administration fees will apply (in addition to the 35% referred to earlier) depending on the amount of administrative work undertaken to contact relevant parties.
Conflict of Interests
Occasions can arise where we or one of our associated companies, clients or product providers may have a potential conflict of interest with business being transacted for you. If this happens, and we become aware that a potential conflict exists, we will write to you and obtain your consent before we carry out your instructions. We will detail the steps we will take to ensure fair treatment.
Ending Your Relationship with Us
Subject to your immediate settlement of any outstanding premiums and fees, you may instruct us to stop acting for you and we will not impose a penalty. Your instructions must be given in writing and will take effect from the date of receipt. In circumstances where we feel we cannot continue providing services to you, we will give you a minimum of 7 days notice.
Unless otherwise agreed in writing, if our relationship ends, any transactions previously initiated will be completed according to these Terms of Business. You will be liable to pay for any transactions concluded prior to the end of our relationship and we will be entitled to retain commission received for conducting these transactions, together with all fees charged by us for services provided.
You are responsible for providing the complete and accurate information which underwriters require in connection with any proposal for insurance cover. This is particularly important before taking out a policy, but it also applies throughout the life of a policy. If you fail to disclose information, or misrepresent any fact which may influence the underwriter’s decision to accept the risk or the terms offered, this could invalidate the policy and mean that claims may not be paid. You must check all details on any proposal form or Statement of Facts and pay particular attention to any declaration you may be asked to sign.
It is important that you read all insurance documents issued to you and ensure that you are aware of the cover, limits and other terms that apply. Particular attention must be paid to any endorsements and conditions as failure to comply with them could invalidate your policy.
You must inform us immediately of any changes in circumstances which may affect the services provided by us or the cover provided by your policy.
If you are unsure about any matter, please contact us for guidance.
Use of Personal Data
We will process any personal information we obtain in the course of providing our services to you in accordance with the Data Protection Act 1998. In administering your insurance it will be necessary for us to pass such information to the underwriter and or other product or service providers.
We may also disclose details to relevant parties, as necessary, to comply with regulatory or legal requirements. We may contact you or pass your details to other companies associated with us in order to promote products or services which may be of use to you. We will not otherwise use or disclose the personal information we hold without your consent.
Some of the details you may be asked to give us, such as information about previous or pending offences or your financial position are defined by the Act as sensitive personal data. By giving us such information you signify your consent to its being processed by us in administering your insurance.
Subject to certain exceptions, you will be entitled to have access to your personal and sensitive data.
Claims Handling Arrangements
We act on behalf of the underwriter in negotiating and settling claims. You should take note of the required procedures in the event of a claim, which will be explained in the policy document. Your underwriter will require immediate notification of a claim or circumstances which might lead to a claim. We will handle all claims fairly and promptly.
Professional Indemnity cover is maintained as required by the Regulator governing our business activities.
Our services and Terms of Business provided are governed and construed in accordance with English Law which may change from time to time.
All telephone calls are recorded and may be used for training and quality purposes.